After the Wedding

You've chosen to get married; now it's time to choose where you will live. You may decide to rent, as many couples do when they are first getting started, or maybe it's time to buy a new house. The big question is: where do you start?

Apartment Homes

Apartments can be found in a single building, a complex, a house or a flat (renting an entire upper or lower level). Choose which is best for you. If you are worried about noise levels, ask the previous tenants about their experiences while living there.
Determine the location, size (number of bedrooms) and monthly cost ahead of time to narrow your choices while looking. There are many sources for finding an apartment, such as local papers, special renting publications and rent-search agents. These sources give only brief descriptions. It is best to note possibilities and check out the apartment for yourself.
Before you go, make a list of items you should inspect and questions you want to ask. Inspect items such as the water pressure (don't be afraid to turn on the shower!), closet space, storage space outside the apartment, cupboard space, appliances, cleanliness and general upkeep of the building and grounds, etc.
Ask the right questions. How much is the security deposit? Is the lease month-to -month or yearly? If you sign a lease, what are the penalties (if any) if you need to leave before the lease is up? Are utilities included? If not, what are the average monthly bills? Do you need to pay for carpet cleaning when you decide to leave? Is there parking, and are you charged extra for the space? Are there laundry facilities on the premises? Are pets allowed? Are the window coverings included with the apartment? Is the entrance (security) locked and well-lit at night?
When you first move in, make a list of damaged items and give a copy of it to your landlord so you are not charged for them when you move out. Include anything - nicks in cupboards, markings on the linoleum, stains in the carpeting, a loose towel rack or hook - no item is too small. If anything needs fixing, be sure to tell the landlord about it so it can be fixed before you settle in.

Buying a Home

Buying a home is one of the biggest financial decisions you and your spouse will make during your lifetime. So the first step is to sit down together with a lender to discuss your financial situation and determine how much you can afford and what you will need to save for the down payment. If you want to figure this out by yourselves, you can estimate the cost by multiplying your annual income(s) by 2.5. The down payment is usually between 5 and 10 percent of that total. However, the bigger your down payment, the smaller the mortgage and your monthly payment will be. It is wise to visit your lender before you begin to look, so that you know your price range ahead of time.
After you've determined what you can afford, the next step is "the search." Start your search by listing your preferences, such as location, size, number of bedrooms, number of bathrooms, etc. This will help narrow your selection. However, keep in mind that your first home may not fulfill your every wish. Also, if you plan to start a family within the next few years, be sure to choose a home with enough bedrooms or one that has room to expand. After you have your ideal house in mind, you may start the search - on your own, with a realtor, buyer broker or broker agent.
"The search" is on. While you look at houses, always be sure to take notes. After looking at many houses, it is easy to confuse them. Also, be sure to ask questions! The only dumb questions are those that have not been asked. Before buying any house, it is wise to have it inspected by a professional who will check any details you may have overlooked.

Financing Your Home

When you've found the home that both you and your new spouse agree on, it's time to deal with the financing. It is very important to shop for the right lending institution. Find out which has the lowest interest rates and compare down-payment requirements.
Once you've chosen the financial institution you'll be dealing with, a lending officer will show you different mortgage options. This can be confusing, don't be afraid to ask questions.

Furnishing Your New Home

Whether you are renting an apartment or buying a new home, remember that you are in a marriage now. You will need to compromise when it comes to deciding on furnishings. It is often a difficult decision, since you are combining two sets of belongings and often different tastes.
You may want to start a style of decor, such as southwestern, country or modern. If your ideas are totally opposite, you may need to compromise by dividing the rooms. For instance, the living room could sport a country flair, while the bedroom could cozy up with southwestern decor.
As you shop for new furnishings decide whether you want to choose items you will keep for many years to come, or temporary pieces you may upgrade in a few years. For temporary furnishings, you may choose to go with less expensive furniture or rental items. If you are looking for permanent pieces, you may want to begin with the items you need the most for everyday living and add to the collection as your budget allows. Many higher end furniture stores have designers on staff who can help you choose and layout your furniture plans. They can even help you choose furnishings that will work with the pieces you already have.
When combining your belongings the most important thing of all is to remember that items you may not like might have deep sentimental value to your spouse. Don't hurt the feelings of the one you love. More importantly, make room for the things each of you treasure.

Buying an Automobile

Another major purchase most couples make is buying an automobile. Before making the decision on which vehicle to purchase it is wise for the buyers to consider their needs (what the vehicle will be used for) and desires (options they would prefer). With the high price tags of many new automobiles, it is imperative for a couple to calculate what they can afford in their budget. Once a dollar amount is set, the couple can begin their search for a new vehicle. The consumers should shop around, test drive and compare features, prices, comfort, maintenance and safety ratings. Another major factor to consider is the fuel rating (m.p.g.). With today's high energy prices, hundreds of dollars in gas may be saved per year by choosing a more fuel-efficient vehicle.

Establishing a Budget

While buying a home or a new automobile are some of the biggest financial purchases a couple will ever make, it's the daily financial decisions that make those purchases possible.
Sometime before the wedding, the couple should determine how much money they will make and how much they will spend during their first year together. Expenses every couple should itemize include fixed costs: shelter, food, clothing, transportation, insurance and utilities. Other expenses include entertainment, travel, hobbies and the like.
By subtracting expected expenses from net income, the couple will begin to realize how much they can spend.
Of course, expenses relate directly to the couple's goals. They must choose together what is important to them and manage their money accordingly. Today's husband and wife, typically both wage earners, wisely discuss how having children will affect earnings. Will both spouses continue to work when a child is born? If not, they should be wary of becoming accustomed to living off both incomes.

Savings & Investments

Financial experts advise couples to begin a savings plan immediately to meet their short-term and long-term goals, be the goals new furnishings, house improvements, house or car payments or education funds for children. Couples should read investment publications and get opinions from more than one investment broker and/or financial adviser. These professionals can explain the pros and cons of money market accounts, certificates of deposit, treasury bills, stocks, mutual funds and more. Only by being informed, can the couple make the best saving decisions. Most economists still consider buying a house to be a sound investment if the mortgage payments fit within the established budget.
Life insurance is still a necessity for the average couple, though seen more as a fund for the surviving spouse and children and less as a long-term investment. The internet has a helpful site, www.life-line.org, which gives information on the different types of insurance and needed coverage as well as numerous consumer tips.
Finally, many experts suggest couples save at least 10% of their net income in a readily available emergency fund earmarked for unforeseen circumstances.
Wisconsin couples contemplating marriage should know that, since 1986, all income earned and assets acquired by either spouse during marriage is jointly owned. This is the basic premise of Wisconsin's complex marital property law, little understood by most married couples. Local libraries have information on this law, which is so pertinent to all Wisconsin couples. Any couple, especially those with substantial assets, will benefit from learning about this law before they wed. Important prenuptial strategies and agreements on how to handle finances are impossible if the couple is uninformed.